Alex Kendall, right, buys peaches from Griselda Martinez at the farmer's market July 16, 2008 in Santa Monica, Calif. Food prices showed a big increase in June, rising by 0.7 percent, more than double the 0.3 percent increase of May. Vegetable prices shot up by 6.1 percent, the biggest increase in nearly three years.

Poll: Deep economic insecurity

Americans are deeply worried about their economic prospects and they want government to invest in expanding economic opportunity and assisting those in need, according to a new poll released today.

The Rockefeller Foundation/Time magazine poll of 2,008 Americans, conducted June 19-29, found significant increases in economic anxiety, especially among young people and minorities, and dissatisfaction with the federal government’s response.

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The percentage of Americans concerned with their own economic situation, at 47 percent, has nearly doubled from 24 percent in January 2007, when the Rockefeller Foundation conducted a similar study. The percentages of Americans who fear losing their job and have failed to pay a bill in the past year also rose since last January.

Seventy-eight percent of respondents said they are facing greater financial risk than in the past and 55 percent say that Congress is hindering them from achieving economic security.

Generation Y, defined as 18- to 29-year-olds in this survey, was the most pessimistic age cohort, with the bleakest view of the future. Forty-nine percent say America was a better place to live in in the 1990s and will continue to decline, compared to 40 percent or less for every other age cohort.

“There was really surprising data on how many young people feel so badly about their financial future,” said Teresa Wells, chief media strategist for the Rockefeller Foundation.

“Half [of young people] think America’s best days are behind us,” said Margot Brandenburg, associate director of foundation initiatives at Rockefeller. “They have good reason to.”

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She noted that half reported having gone without health insurance in the last year. Sixty-two percent said that they have failed to pay a bill on time because they could not afford to. They are more likely than older people to have not gone to a doctor because of cost, to worry that they are not saving enough for retirement and to have borrowed money from a friend.

And young Americans seem readier than older Americans to turn to government for the solution. Eighty-six percent say more government programs should help those struggling under the current economic conditions.

African-Americans and Latinos feel especially hard hit by recent economic turmoil, according to the survey. Ninety-six percent of African-Americans and 88 percent of Latinos believe the economy is on the wrong track. Congress is not the only political institution that gets a share of the blame: Almost 80 percent of African-Americans say the president is hindering their pursuit of economic security.

“What we see is things are worse for everyone but more so for black and Latino workers,” said Brandenburg. “They are more likely to be uninsured, to think that they aren’t saving enough for retirement and lack the savings to handle an emergency. And they are more vocal in calling for government to play a role.”

For example, 93 percent of African-Americans and 87 percent of Latinos favor public works projects that would create jobs.

One notable trend is the emerging popularity of environmental regulation as an economic imperative. Stricter pollution limits and tax credits for alternative energy development were supported by 84 percent of all respondents, the highest of any proposal. Increasing the minimum wage, expanding public works projects were nearly as popular, with 83 percent and 82 percent approval respectively.

Increases in unemployment benefits, government-funded childcare and government programs to provide health insurance were also supported by more than two-thirds of respondents as well.

“If you look at what Americans are trying to say to their government leaders,” said Wells, “they are very interested in environmental solutions that can help the economy.”